Elon Musk sells another $906.5 million worth of Tesla shares
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Maja Hitij | Getty Images News | Getty Images
SpaceX TeslaElon Musk’s CEO sold an additional 934 091 shares in his electric vehicle company. They are estimated to be worth $906.49million, according to a pair Of financial filingsWith the Securities and Exchange Commission publication late Monday.
He also exercised options to buy 2.13 million shares at the strike price of $6.24 per share granted to him via a 2012 compensation package.
Tesla stock closed Monday at $966.41, losing 5%
The latest insider transactions by the Tesla CEO and centi-billionaire were part of a “Rule 10b5-1” trading plan dated Sept. 14, the filings said. This type of plan allows company insiders to execute trades in their own company’s stock for a set, future date.
Musk, the most wealthy person in the entire world. He was named just recently Time Magazine’s 2021 Person of the YearHe still holds millions of stock options and must exercise them by August 2022. At the 2021 Code Conference, he revealed that he expected to sell large amounts of stock during the fourth quarter.
On Nov. 6, Ever the Showman Musk asked his legions of Twitter followers to vote on whether or not he should sell a 10% chunk of his holdings in the electric car and solar business. Musk posted in his twitter poll: “Much has been made recently of unrealized gain being a method of tax avoidance. So I propose selling 10% my Tesla stock. This is what you think.
The poll gave him the opportunity to vote “Yes” or not, but he said that he would follow the results regardless of the outcome. Twitter showed that 3.5 Million people responded to the poll, with 57% voting for “Yes”
Ron Wyden (D-Ore), is the Chairman of Senate Finance Committee after Musk’s poll. wrote in a tweetHe wrote that he had a different opinion. “Whether the wealthiest person in the world pays any taxes should not depend on results from a tweet poll.” It’s now time to impose the Billionaires Income Tax.
Musk opposes a billionaire tax, and President Joe Biden’s Build Back Better spendingWyden responded with a crude response.
More recently, Musk said at the Wall Street Journal’s CEO Council Summit, that “If you zeroed out all the billionaires, you still wouldn’t solve the deficit” in the United States. He cursed the U.S.’s “anti-billionaire” sentiment.
Musk must still sell approximately 5 million more shares of Tesla in order to keep his promise to him via Twitter.
In batches of approximately $963.2million, Tesla shares were also sold by the CEO earlier in November. This brings his total sales in December to over $2.87billion. The CEO sold Tesla stock totalling $9.85 trillion in November.
Musk was not the only one to sell Tesla shares and exercise options. CFO Zachary Kirkhorn and Chief Accounting Officer Taneja Vaibhav, as well as Drew Baglino, Senior Vice President for Powertrain and Energy Engineering, also sold them.
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